Chinese chemical manufacturer Yuhuang Chemical Co. will build a $1.85 billion methanol manufacturing complex in St. James Parish, La., the company said today. The company will begin building the plant in Vacherie, La., in 2016, with operations at the first phase set to begin in 2018. Yuhuang Chemical said the project’s second phase would bring the complex’s annual methanol production capacity to 3 million metric tons.
Yuhuang Chemical will create 400 direct jobs and an estimated 2,365 new indirect jobs. A release from Louisiana Gov. Bobby Jindal’s office called the project the first major foreign direct investment in Louisiana by a Chinese company.
Louisiana Economic Development began discussions with Yuhuang Chemical about the project in February, offering incentives in the form of two performance-based grants totaling more than $11 million over 10 years.
